Saved Help Save Exit s of Special Journals Check n inventor

Saved Help Save & Exit s of Special Journals Check n inventory system is used CASH DISBURSEMENTS JOURNAL Inventory Accounts Payable Dr Date Ck. No Payee Account Debited Cash Cr. Km Corp City Bank supplies April 09 prl 17 payablo 1 500 1500 4.300 . Dock es expense 2.650 2 650 eth Inc 3.700 DEL BACK PNCE

Solution

Journal entry for 28th april is as follows:

on 20th purchased a merchandise worth $4,300 on credit from lite, terms 3/10, n/30.

on 28th issued check to pay the amount entry will be :[$4,300 - (3%)$4,300] = $4,171

Date    Check no. payee account debited cash cr. inventory cr. other accounts cr. account payble dr.

april 28 212 Lite Lite    $4,171 $129    ----- $4,300